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MarketScreener Homepage  >  Equities  >  Nyse  >  Athene Holding Ltd.    ATH   BMG0684D1074

ATHENE HOLDING LTD.

(ATH)
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Athene, MassMutual End $3 Billion Bid to Buy American Equity

10/19/2020 | 10:40am EST

By Dave Sebastian

Athene Holding Ltd. said it has ended its bid with Massachusetts Mutual Life Insurance Co. to buy American Equity Investment Life Holding Co. for about $3 billion after American Equity rejected the offer and reached a partnership with Brookfield Asset Management Inc.

"Since the board of directors of American Equity has decided to reject our joint proposal, we will continue with the execution of our standalone strategy," Athene said Monday.

Shares of American equity fell 12.5%, to $28.25. Athene shares rose 0.6%, to $35.50. Brookfield shares rose 1%, to 44.93 Canadian dollars ($34.13).

The proposed deal bet that the small Iowa insurer's retirement-income products will continue to be popular with conservative voters. Under the proposed combination, MassMutual would acquire American Equity's insurance subsidiaries and all of its employees, brands and distribution agreements. MassMutual would reinsure 80% of American's existing business to Athene and retain the remaining 20%.

Brookfield will receive one seat on American Equity's board, according to the agreement disclosed on Sunday. American Equity said it had been in discussions with Brookfield since March. The deal, American Equity said, would give it access to Brookfield's higher-returning alternative asset strategies, which are particularly important given the low-interest rate environment.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

10-19-20 1039ET

Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY -0.51% 27.26 Delayed Quote.-8.92%
ATHENE HOLDING LTD. -0.56% 45.92 Delayed Quote.-2.36%
BROOKFIELD ASSET MANAGEMENT INC. 1.44% 53.29 Delayed Quote.5.34%
All news about ATHENE HOLDING LTD.
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11/25ATHENE HOLDING LTD. : Declares Fourth Quarter 2020 Preferred Stock Dividends
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11/20ATHENE : Third Quarter 2020 Statutory Financial Statement for Athene Annuity and..
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11/20ATHENE : Third Quarter 2020 Statutory Financial Statement for Athene Annuity & L..
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11/20ATHENE : Third Quarter 2020 ALIRT Exhibit
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11/20ATHENE : Third Quarter 2020 Statutory Financial Statement for Athene Life Re Ltd..
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11/13ATHENE : Partners with Des Moines Public Schools to Provide Coats and Boots to C..
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11/03ATHENE : Management's Discussion and Analysis of Financial Condition and Results..
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11/03ATHENE : Q3 2020 Earnings Presentation
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11/03ATHENE HOLDING LTD : Results of Operations and Financial Condition (form 8-K)
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More news
Financials (USD)
Sales 2020 5 168 M - -
Net income 2020 655 M - -
Net Debt 2020 1 755 M - -
P/E ratio 2020 14,1x
Yield 2020 -
Capitalization 8 792 M 8 792 M -
EV / Sales 2020 2,04x
EV / Sales 2021 1,74x
Nbr of Employees 1 325
Free-Float 95,4%
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Technical analysis trends ATHENE HOLDING LTD.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 48,42 $
Last Close Price 45,92 $
Spread / Highest target 61,1%
Spread / Average Target 5,44%
Spread / Lowest Target -10,7%
EPS Revisions
Managers
NameTitle
James R. Belardi Chairman, Chief Executive & Investment Officer
William J. Wheeler President
Martin P. Klein Chief Financial Officer & Executive Vice President
Randall William Epright Chief Information Officer & Executive VP
Manfred Puffer Director
Sector and Competitors
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